Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stake Lessened by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans trimmed its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 274,289 shares of the oil and gas company’s stock after selling 6,590 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Patterson-UTI Energy were worth $2,266,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PTEN. WFA Asset Management Corp acquired a new position in Patterson-UTI Energy in the fourth quarter worth about $27,000. Smartleaf Asset Management LLC raised its stake in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after acquiring an additional 1,717 shares during the period. MassMutual Private Wealth & Trust FSB lifted its holdings in Patterson-UTI Energy by 31.4% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after acquiring an additional 1,358 shares during the last quarter. Kestra Investment Management LLC acquired a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $85,000. Finally, Quantinno Capital Management LP bought a new position in shares of Patterson-UTI Energy during the third quarter valued at approximately $97,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 2.3 %

PTEN opened at $8.19 on Friday. The business has a 50 day moving average of $8.33 and a 200-day moving average of $8.20. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -3.32 and a beta of 1.99. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1-year low of $7.03 and a 1-year high of $12.65.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a $0.08 dividend. The ex-dividend date was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.91%. Patterson-UTI Energy’s dividend payout ratio is -12.96%.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Raymond James cut Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $11.54.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.